“We submit with full confidence to your judgment,” Italian Prime Minister Giuseppe Conte told IOC members before their vote.

Both candidates would likely have failed to get this far in previous Olympic bidding contests.

The IOC has relaxed previously strict rules that demanded financial guarantees and government support earlier in the process.

It was an attempt to revive Winter Games bidding with just two candidates on the ballot paper for the second straight time, since Russia spent $51 billion on venues and infrastructure for the 2014 Sochi Olympics.

Now, the IOC seeks to avoid costly new venues — and potential white elephants — while encouraging regions and multi-nation bids to share the load. Hence, Sweden teamed with Latvia, across the Baltic Sea, rather than build its ice sliding sports venue.

“We have budget problems in Italy but I think that this is something that everyone has,” Italy Undersecretary of State Giancarlo Giorgetti said at an earlier news conference, citing the wealth of the Lombardy and Veneto provinces underwriting the games costs. “They are two of the richest provinces in Europe.”

The IOC will give at least $925 million toward Italy’s games operating costs of up to $1.7 billion.

After Russia’s huge spending in venues, infrastructure and cost overruns for the 2014 Sochi Winter Games, multi-billion dollar construction projects were awarded in new markets for the 2018 Pyeongchang Olympics and 2022 Beijing Olympics.